Bahrain has signed a Memorandum of Understanding (MoU) with Pakistan to promote trade between the two nations, working together for economic growth and business harmonization.
The MoU was signed between the Board of Investment (BOI) and the Bahraini Economic Development Board at the end of the second meeting of the Joint Ministry Commission in Manama.
According to the Board of Investment, this MoU will be effective for two years and can be renewed with the approval of both parties. Mr. Khalid Ibrahim Hamidan, Chief Executive Officer of Bahrain Economic Development, and Mr. Jamil Ahmad Qureshi, Director General of BOI, have signed the agreement, on behalf of their respective governments.
The BOI expects the joint commission meeting will be a major breakthrough in terms of showcasing Pakistan’s lucrative investment opportunities to Bahrain. As per the BOI, the areas of focus in the MoU include manufacturing, tourism, logistics, information and communication technology, financial services, health, education, and skills training.
During the meeting, the two sides highlighted the importance of holding regular meetings of the established bilateral mechanism and high-level bilateral visits. In terms of economic cooperation, the two countries recognized the enormous potential for future growth of mutually beneficial areas, with an emphasis on trade and business development.
As per the statement, “It was also agreed to invite each other to participate in MoU-related activities such as conferences, symposiums, roadshows, workshops, forums, exhibitions, and business delegations.”
Furthermore, the two sides agreed to start talks on a comprehensive economic partnership agreement. The two countries agreed to promote cooperation between their numerous textile groups and encouraged legislative cooperation, highlighting the need for reciprocal visits.